Spotlight

Indian markets are expected to open on a steady note, with Gift Nifty trading around 24,049, broadly in line with the Nifty's previous close of 24,052, indicating a flat-to-steady start.

However, underlying sentiment is likely to remain cautious as geopolitical tensions in the Middle East continue to dominate investor focus. The United States and Iran have continued to exchange missile strikes, keeping concerns over regional stability elevated and pushing crude oil prices above $85 per barrel amid fears of prolonged disruptions to global energy supplies. Persistently higher oil prices are expected to remain a key headwind for import-dependent economies such as India by adding to inflationary pressures and concerns over the current account deficit.

Providing some support to global sentiment, U.S. consumer price inflation eased to 3.5% in June, below market expectations of 3.8%, indicating that underlying price pressures may be moderating. The softer-than-expected inflation reading has reinforced expectations that the Federal Reserve could adopt a less aggressive monetary policy stance in the coming months, offering some relief to global risk assets despite the heightened geopolitical uncertainty. 

Technical view

Nifty 50

Nifty 50 continues to exhibit a cautious near-term bias, consolidating above the key psychological support of 24,000. From a technical standpoint, 24,200 remains the immediate resistance. A decisive and sustained move above this level would improve market sentiment and could trigger a recovery towards the 24,300–24,400 zone.
 
On the downside, 24,000 continues to act as a critical support level. A sustained break below this mark could invite renewed selling pressure, exposing the index to the 23,900–23,800 support region. Overall, the near-term technical outlook remains cautious, with a sustained breakout above 24,200 required to revive bullish momentum and strengthen the ongoing recovery trend.

Bank Nifty

Bank Nifty continues to exhibit a cautious technical bias, with the index facing selling pressure at higher levels. From a technical standpoint, the 58,000 psychological mark remains the immediate and crucial resistance. A sustained breakout above this level would strengthen recovery momentum and could pave the way for an advance towards the 58,400–58,600 region.
 
On the downside, the 57,200–57,000 zone continues to serve as an important support area. A decisive break below this range could revive selling pressure, exposing the index to further downside towards the 56,700–56,600 support zone. Overall, the near-term technical outlook remains cautious with a mildly negative undertone. A decisive move above the 58,000 resistance is essential to improve the technical outlook, while a breach below the 57,000 support zone could trigger another leg of weakness.